Chapter 4-Focusing Marketing Strategy with Segmentation and Positioning

Chapter 4-Focusing Marketing Strategy with Segmentation and Positioning

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Chapter 4-Focusing Marketing Strategy with Segmentation and Positioning Friday, February 11, 2011 1:56 AM 1. Market: a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services 1.a. Not good to take a production-oriented approach because it ignores customers 1.a. Generic market: market with broadly similar needs and sellers offering various/diverse ways of satisfying those needs 1.a.i. Quite different product types may compete with each other 1.a. Product market: market with very similar needs and sellers offering various close substitute ways of satisfying those needs 1. Naming Product-Markets and Generic Markets 1.a. Complete product-market definition 1.a.i. What: 1. Product type (type of good and type of service) 1.a.ii. To meet what: 2. Customer (user) needs-basic needs->emotional needs 1.a.iii. For whom: 3. Customer types 1.a.iv. Where: 4. Geographic area (where a firm competes for customers) 1.a. Sets the limits of the market(s) in which the firm will compete 1.b. Generic market descriptions does not include any product-type terms (3 parts without product type) 1. Market Segmentation defines Possible Target Markets 1.a. Market segmentation: a two-step process of 1. naming broad product-markets
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This note was uploaded on 03/05/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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Chapter 4-Focusing Marketing Strategy with Segmentation and Positioning

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